Most Read from MarketWatchAnd of course there’s a more-supportive monetary policy regime, with another round of easing launched last week by the Federal Reserve. However, a team of strategists at Morgan Stanley led by Mike Wilson sound a note of caution about the potential for market ructions should the Fed not match up to investors’ hopes. At the moment, traders are pricing in a very high likelihood of another 50 basis points of Fed rate cuts this year from the current range of 4.00% to 4.25%. In fact, by this time next year the fed funds futures market sees the official rate around 3%. But Wilson paints the picture of an economy that may not be in need of such aggressive rate cuts.